First Atlantic Nickel Expands Rpm Zone Awaruite Nickel-Alloy (Ni3Fe) Discovery: 400-METER Northern Extension Yields 1.47% Nickel Concentrate over 351 Meters IN Dtr Metallurgical Recovery Testing
FIRST ATLANTIC NICKEL EXPANDS RPM ZONE AWARUITE NICKEL-ALLOY (Ni3Fe)
DISCOVERY: 400-METER NORTHERN EXTENSION YIELDS 1.47% NICKEL CONCENTRATE
OVER 351 METERS IN DTR METALLURGICAL RECOVERY TESTING
Grand Falls-Windsor, Newfoundland and Labrador – (GlobeNewsWire – July 09, 2025) - First Atlantic
Nickel Corp. (TSXV: FAN) (OTCQB: FANCF) (FSE: P21) ("First Atlantic" or the "Company") is pleased
to announce positive Davis Tube Recovery (DTR) metallurgical test results from drill hole AN-24-05, the
final hole completed during the Phase 1 drilling at the RPM Zone, part of its district scale Atlantic Nickel
Project (the "Project"). Drill hole AN-24-05 returned a continuous interval of 351 meters averaging 1.47%
nickel and 1.53% chromium in magnetic concentrate, with a mass pull of 8.21%. This corresponds to a
magnetically recoverable nickel grade (DTR grade) of 0.12% over the 351 meter interval. Located
approximately 400-meters north of the initial RPM discovery hole AN-24-02, this step out hole confirms
that widespread disseminated, visible awaruite mineralization extends significantly northward toward
Pipestone Pond.
Phase 2 drilling is currently underway, building on the success of Phase 1, which already defined a 400-
meter by 500 -meter area of awaruite nickel mineralization. All four holes drilled at the RPM Zone in
Phase 1 intersected disseminated awaruite mineraliz ation, returning consistent nickel grades and
recoveries. Concentrate grades from these holes ranged from 1.32% to 1.47% nickel, with mass pulls
between 8.21% and 9.53%. Notably, all drill holes ended in mineralization and remain open in all
directions, indicating significant expansion potential. The consistent magnetic concentrate grades and
mass pulls across the drilled area underscore the extensive nature of the awaruite nickel mineralization
in the RPM Zone.
Highlights:
● AN-24-05 Extends RPM Zone 400 Meters North, Confirming Continuity of Awaruite
Mineralization: Drill hole AN-24-05, the fourth hole completed during the Phase 1 drill program
at the RPM Zone, extends the drill-defined mineralization approximately 400 meters north of the
initial discovery hole (AN-24-02). The results confirm the continuity of widespread disseminated
awaruite nickel mineralization within the RPM Zone.
● Metallurgical Testing of AN -24-05 Returns 1.47% Nickel Concentrate Over 351 Meters :
Davis Tube Recovery (DTR) testing of the 351meter mineralized interval in AN -24-05 returned
a nickel grade of 1.47% in magnetic concentrate, with a mass pull of 8.21%. This equates to a
magnetically recoverable DTR nickel grade of 0.12%. The total nickel recovery was 50.26% from
a head grade of 0.24% total nickel, highlighting the effectiveness of magnetic separation as a
metallurgical process for upgrading awaruite nickel mineralization.
● Phase 1 Drilling Expands Awaruite Nickel Discovery at RPM Zone: The Phase 1 drill
program has delineated an initial mineralized zone measuring 400 x 500 meters. All four holes
within the RPM Zone intersected significant awaruite nickel mineralization, returning consistently
high DTR concentrate grades ranging from 1.32% to 1.47% nickel and mass pulls of 8.21% to
9.53%. These results yielded magnetically recoverable DTR nickel grades between 0.11% to
0.14%, establishing a strong foundation for Phase 2 expansion drilling.
● RPM Zone Discovery Highlights District -Scale Potential of Atlantic Nickel Project : The
RPM Zone discovery occurs within a 30 km long, highly magnetic ultramafic nickel belt known
as the Pipestone Ophiolite Complex. The zone is located approximately 25 kilometers south of
historic awaruite nickel -alloy (Ni 3Fe) mineralization identified by Altius Resources and Cliffs
Natural Resources in 2010 at the Atlantic Lake Zone. Average DTR nickel grades of 0.11% to
0.14% from the RPM Zone demonstrate the potential for district-scale awaruite mineralization
within multiple target areas of the project.
● Phase 2 Exploration and Expansion Drilling Underway to Expand RPM Mineralized
Footprint: The Phase 2 drilling campaign is currently underway, utilizing a systematic grid-based
drill plan designed to step out from the Phase 1 footprint. The program aims to expand the RPM
Zone's mineralized area and further define the extent of awaruite nickel mineralization.
RPM ZONE DRILL HOLE AN-24-05 RESULTS
Table 1: DTR Metallurgical Test Results Summary - Drill Hole AN-24-05 (RPM Zone)
Parameter Average Maximum Drill Length
Nickel - Magnetic Concentrate Grade
(Davis Tube Recovery Concentrate assayed by XRF-Fusion)
1.47% 2.61% 351m
Chromium - Magnetic Concentrate Grade
(Davis Tube Recovery Concentrate assayed by XRF-Fusion)
1.53% 2.88% 351m
Mass Pull
(Magnetic Concentrate mass as % of Davis Tube test starting mass)
8.21% 10.9% 351m
Total Nickel Grade
(Whole Rock ICP-OES assay)
0.24% 0.29% 351m
DTR Nickel Grade - Magnetically Recovered Nickel
(Calculated with Davis Tube Recovery method)
0.12% 0.17% 351m
Total Nickel Recovery
Magnetically Recovered Nickel as a Percentage of Total Nickel
Content (from Whole Rock Assay Analysis)
50.26% 69.8% 351m
The Company's final drill hole from the Phase 1 program at the RPM zone, AN -24-05, has returned
positive DTR metallurgical test results that extend the known awaruite mineralization approximately 400
meters to the north of the initial RPM Zone discovery hole (AN -24-02). Drill hole AN-24-05 intersected
351 meters of awaruite mineralization averaging 1.47% nickel and 1.53% chromium in magnetic
concentrate. The interval demonstrated a consistent mass pull averaging 8.21% and a DTR nickel grade
of 0.12%, with total nickel recovery averaging 50.26% over the 351meter interval. These results highlight
the strong and uniform metallurgical properties of the northern extension of the RPM Zone.
With the completion of AN -24-05, Phase 1 drilling has delineated an initial mineralized footprint
measuring approximately 400 -meters by 500 -meters. All four holes from the program successfully
intersected broad zones of disseminated awaruite- bearing nickel mineralization. The metallurgical
results are notably consistent across all holes, indicating uniform nickel alloy mineralization hosted
within ultramafic host rocks and strong lateral continuity of the mineralization system, which remains
open in all di rections and at depth. Across the RPM Zone, Phase 1 drilling returned magnetic
concentrate grades ranging from 1.32% to 1.47% nickel, with mass pulls between 8.21% and 9.53%.
Corresponding DTR nickel grades averaged 0.11% to 0.14%, confirming the RPM Zone as an extensive
awaruite-dominated nickel system with robust metallurgical characteristics. All Phase 1 holes ended in
mineralization, providing a solid foundation for the Phase 2 drilling program, which aims to expand the
mineralized footprint and further delineate the RPM Zone’s scale and continuity.
Table 2: DTR Metallurgical Test Results Summary from Drill Hole AN-24-05 (RPM Zone)
Hole ID
From
(m)
To
(m)
Interval
(m)
Mass
Pull (%)
Nickel -
Magnetic
Concentrate
Grade
Ni ( %)
Nickel -
Total
Grade
Ni (%)
DTR Nickel
Grade -
Magnetically
Recovered Ni
(%)
Total
Nickel
Recovery
(%)
Chromium -
Magnetic
Concentrate
Grade
Cr (%)
Chromium
Total
Grade
Cr (%)
DTR
Chromium
Grade -
Magnetically
Recovered
Cr (%)
Cobalt -
Magnetic
Concentrate
Grade
Co (%)
Hole AN-24-05 6 357 351 8.21 1.47 0.24 0.12 50.26% 1.53 0.29 0.12 0.06
including 6 207 201 8.36 1.39 0.23 0.12 49.13% 1.58 0.30 0.13 0.07
including 207 309 102 7.82 1.76 0.24 0.14 56.95% 1.50 0.27 0.12 0.07
including 309 357 48 8.32 1.18 0.24 0.10 40.59% 1.39 0.29 0.11 0.05
Including "up to" 10.90 2.61 0.29 0.17 69.78% 2.88 0.55 0.28 0.09
Table 3: RPM Phase 1 DTR Metallurgical Results Summary
Drill hole Interval
(m)
Magnetic Concentrate
Nickel Percent Grade
Mass
Pull (%)
Magnetically Recoverable
Nickel Grade (DTR Ni%)
Drill Ended in
Mineralization
AN-24-02 383 1.37% 9.49 0.13 YES
AN-24-03 216 1.32% 9.12 0.11 YES
AN-24-04 366 1.46% 9.53 0.14 YES
AN-24-05 357 1.47% 8.21 0.12 YES
Note: DTR Nickel Grade (%) is a derived parameter calculated by multiplying the nickel grade of the magnetic
concentrate (determined by XRF-Fusion assay) by the mass pull percentage, which is calculated by dividing the
weight of the magnetic concentrate by the initial sample weight. Magnetically Recoverable Nickel (DTR Ni %)
represents the amount of nickel in the sample that can be recovered using magnetic separation. For a visual
explanation of the Davis Tube Recovery process, see: https://www.youtube.com/watch?v=q3zsgDtLWns
Table 4: AN-24-05 Drill Hole Collar Location Information
Hole ID Easting (UTM) Northing (UTM) Elevation (m) Azimuth (°) Dip (°) Depth (m)
AN-24-05 567322 5357995 230 90 -60 402
Figure 1: Cross-sectional view of the RPM Zone Hole AN -24-05 located 400 meters north of discovery hole AN -
24-02. Showing the distribution of magnetic concentrate and DTR nickel values. Drill hole AN -24-05 averages
1.47% nickel and 1.53% chromium in continuous metallurgical DTR magnetic concentrate, with an average 8.21%
Mass Pull and 0.12% DTR nickel over the 351meter interval.
Figure 2: Map of the 30- kilometer-long nickel trend within the Pipestone Ophiolite Complex, illustrating the
locations of Phase 1 drill holes (AN -24-01 through AN -24-05) and corresponding nickel and chromium assay
results. The map highlights the spatial distribution of mineralized intercepts and outlines key target areas.
Figure 3: Drill Core and Microscopic Images – AN-24-05 at 28 Meters Depth (RPM Zone). Top image: Drill core
from hole AN -24-05 at 28 meters depth showing disseminated awaruite (sulfur -free nickel-iron alloy) hosted in
serpentinized peridotite with associated magnetite veining. Bottom images: Microscopic images of awaruite grains
from the same interval, with individual grains measuring up to 349 microns.
Figure 4: Drill Core and Microscopic Images – AN-24-05 at 190 Meters Depth (RPM Zone). Top image: Drill core
from hole AN -24-05 at 190 meter depth showing disseminated awaruite (a sulfur -free nickel alloy) hosted in
serpentinized ultramafic peridotite within the RPM Zone. Bottom images: Microscopic images of awaruite grains
from the same depth, measuring up to 732 microns. Saw blade streaks are visible across the grains, illustrating
the ductile and highly-magnetic properties of awaruite.
PHASE 2 DRILLING UNDERWAY TO EXPAND RPM ZONE MINERALIZATION
Phase 2 drilling is actively underway at the RPM Zone, with a program strategically designed to expand
the current mineralized footprint beyond the approximately 400- meter length by 500-meter width area
defined by the initial Phase 1 drill holes. Strategic step-out drilling at greater depths is now actively
testing further expansion of mineralization in all directions - north toward Pipestone Pond, east toward
Chrome Pond, and west into the RPM fault zone. Results from drill hole AN -24-05 highlight the strong
potential for further expansion, with consistent DTR grades encountered throughout the hole, ending in
mineralization. These findings indicate that the mineralized awaruite system extends further north,
making the area towards Pipestone Pond a high-priority target.
The fully funded Phase 2 program is further supported by upgraded project infrastructure, including
improved road access and expanded camp facilities. In addition, equipment optimizations have enabled
deeper drilling capabilities, enhancing the Company’s ability to test the full vertical and lateral extent of
the mineralized system. Together, these advancements position the Phase 2 campaign to meaningfully
grow the RPM Zone's known mineralized footprint across in all target directions.
Awaruite (Nickel-iron alloy Ni₂Fe, Ni₃Fe)
Awaruite, a naturally occurring sulfur -free nickel -iron alloy composed of Ni ₃Fe or Ni ₂Fe with
approximately ~75% nickel content, offers a proven and environmentally safe solution to enhance the
resilience and security of North America's domestic critical minerals supply chain. Unlike conventional
nickel sources, awaruite can be processed into high-grade concentrates exceeding 60% nickel content
through magnetic processing and simple floatation without the need for smelting, roasting, or high-
pressure acid leaching 1. Beginning in 2025, the US Inflation Reduction Act's (IRA) $7,500 electric
vehicle (EV) tax credit mandates that eligible clean vehicles must not contain any critical minerals
processed by foreign entities of concern (FEOC) 2. These entities include Russia and China, which
currently dominate the global nickel smelting industry. Awaruite's smelter -free processing approach
could potentially help North American electric vehicle manufacturers meet the IRA's stringent critical
mineral requirements and reduce dependence on FEOCs for nickel processing.
The U.S. Geological Survey (USGS) highlighted awaruite's potential, stating, "The development of
awaruite deposits in other parts of Canada may help alleviate any prolonged shortage of nickel
concentrate. Awaruite, a natural iron- nickel alloy, is much easi er to concentrate than pentlandite, the
principal sulfide of nickel"3. Awaruite's unique properties enable cleaner and safer processing compared
to conventional sulfide and laterite nickel sources, which often involve smelting, roasting, or high-
pressure acid leaching that can release toxic sulfur dioxide, generate hazardous waste, and lead to acid
mine drainage. Awaruite's simpler processing, facilitated by its amenability to magnetic processing and
lack of sulfur, eliminates these harmful methods, reducing greenhouse gas emissions and risks
associated with toxic chemical release, addressing concerns about the large carbon footprint and toxic
emissions linked to nickel refining.
1 https://fpxnickel.com/projects-overview/what-is-awaruite/
2 https://home.treasury.gov/news/press-releases/jy1939
3 https://d9-wret.s3.us-west-2.amazonaws.com/assets/palladium/production/mineral-pubs/nickel/mcs-2012-nicke.pdf